High staff turnover can be a silent killer in a business. It can have a negative impact on the work culture in your company and can significantly increase the cost of labour hire and retention. If you run a small the business, employee turnover can be quite debilitating.
In some cases, this can be attributed to seasonal demand, restructuring as well as redundancies. While these aspects can sometimes be out of your control, it is, however, possible to control voluntary dismissals. These take place when employees leave of their own accord, generally due to reasons such as better offers with a higher remuneration, adverse working conditions, or altercations with a colleague or a supervisor etc. (Check out some tips here to minimise employee stress.)
It’s important to understand that regardless of how great the culture in your organisation is, and how much you strive to keep your staff happy, employees will come and go. The estimate is that on average, Australian organizations lose about 17% of their total staff each year.
The Labour Hire Process
If you have handled the labour-hire aspect in your organization, you know exactly how time-consuming and tedious the process of hiring new employees can be. There are a number of aspects involved, including identifying the right candidates, conducting interviews, as well as carrying out background checks and follow-up interviews and more.
Not only does this eat into your work hours, impacting your productivity, but it also has cost repercussions for your business. One of the best ways to tackle this problem is to engage the services of a professional labour-hire company. Not only will they help you make better hires but also help retain talented employees. Take a look at how they can help:
#1 Identify Better Candidates
As a hiring manager, you know exactly how difficult it can be to get the right people for the right position. When it comes to hiring in the right candidate, aside from talent and skills, you also need employees that would be able to fit in well with your company culture. Those who don’t, are more likely to leave your organization, sooner than later because they feel out of sync with the working culture in your company.
An experienced labour-hire company will help you find much better candidates. We have access to a wider talent pool, screen potential candidates well before sending them across to you for review. This is one of the best ways of weeding out candidates that aren’t likely to fit in well with your firm, saving you a significant amount of frustration, time and money.
#2 Talented and Skilled Workforce
In addition to having the right culture fit, you also need employees that have the appropriate skills and talent required for a particular position within your organization. This can go a long way in reducing employee turnover as they would be able to easily handle the tasks assigned to them. Experienced recruiters will always scan candidates on the basis of their qualifications, experience and fit with the requirements of the specific job role.
The bottom line is that the best way to reduce staff turnover and eliminate its negative impact on revenue is to hire the right people from the outset. Look for a labour-hire firm that understands the industry you work in, your specific requirements and the roles you need employees for.
For effective and sustainable cost reduction solutions and efficiencies that will increase your bottom line, contact the experts at Benchmark Cost Solutions at this number – 02 9525 0777. If you prefer, write to us at this email address, and we will revert quickly.
Thanks for reading,
Benchmark Cost Solutions Team
02 9525 0777